This chapter summarizes the case for considering money as a legal institution. The Western liberal tradition …, represented here by John Locke’s iconic account of money, describes money as an item that emerged from barter before the state … existed. Considered as an historical practice, money is instead a method of representing and moving resources within a group …

The first attempt in the human history to consciously create money ended in a collapse in 1720, well-known as the money … mania. This unfortunate start raises doubt on money creation as a whole such that today there are still voices questioning … created money even though it is now indispensible for the world economy. But this misfortune also has the bright side in that …

In the modern lexicon, money is pure instrumentality, a colorless medium that transparently expresses real value …. Contrary to that trope, however, we can get “inside” money: we can reconnoiter it as a structure entailing value that is … engineered by certain societies. Taking a “constitutional approach” to money reveals its internal design, the architecture that …

(MMT) and traces back its intellectual origins to the writings on money of Georg F. Knapp and on fiscal policy of Abba P …

chapter develops this point by examining Joseph Schumpeter's willingness to read Keynesian precedents into "mercantilist …" monetary writings. It focuses on a single instance in which Schumpeter argued that a passage, which he attributed to the … eighteenth-century author Malachy Postlethwayt, "reads like" Keynes’s theory that money interest depends on liquidity preference …

Schumpeter showed that the boom and bust cycles are intrinsically related to the functioning of the capitalist economy … paradigm. We present two models. The first one, as a tribute to Schumpeter s work, follows strictly Schumpeter s description of … schumpeterian structural changes described in Schumpeter (1934/1912) and Schumpeter (1964/1939) We find this particularly relevant …

This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers … (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to … modern exponents Hyman Minsky, Charles Goodhart, and Geoffrey Ingham. This literature became the foundation for Modern Money …